By James ? January 10th, 2013
Our investors know better than most that real estate investment in Texas is not only a safe bet, but it?s the best bet when looking to grow wealth over the next few years. There are many strong indicators in this market: super high apartment occupancy rates, consistently rising home prices, a mere 3-months of residential inventory in the market; but one of the strongest market indicators is the fact that major home builders and development groups are coming into Central Texas ? The Austin area in particular ? and gobbling up massive amount of residential land and lots, oftentimes before small local investors can even make a bid. Fortunately, Pride of Austin Capital Partners investors?were able to capitalize on this trend, when we funded a $2.5 million deal that will ultimately end with Fortune 500 home builder Meritage Homes picking up?50 prime residential lots in South Austin.
This week we see the latest example of a major player deploying millions into Central Texas?real estate investment, as John Gittelsohn reports in Bloomberg News that?an Irvine, California-based former Lehman Brothers partner, SunCal Cos., dropped $100 million for 3,000 Austin-area residential lots. Here?s the full article:
SunCal Cos., a U.S. housing developer that survived the collapse of its biggest partner, Lehman Brothers Holdings Inc., bought a 3,000-home site near Austin,?Texas, as demand for lots heats up amid rising construction.
The closely held company paid $15 million for the lots, bringing land purchases in the past 12 months to about $100 million, according to Brad Shuckhart, vice president of land acquisition. In a deal announced last month,?Irvine, California- based SunCal bought 208 acres (84 hectares) near Las Vegas for $19.8 million.
?We adopted the philosophy that now is the time to buy land ? a generational opportunity to acquire,? Shuckhart said in a telephone interview. ?We think we?re on the precipice of a real recovery and a pickup in demand for new homes.?
Prices of U.S. housing-development sites rose 12 percent to 18 percent last year, with the appreciation pace accelerating in the second half of 2012, according to a Jan. 3 report by?(Read the rest here.)
? Jan. 17: Free Lunch & Learn ? ?Best Practices for Real Estate Investment Financing? | Home
Source: http://www.prideofaustin.com/big-business-continues-to-scoop-up-austin-land.php
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